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Have a loan secured by land only. Portion of proceeds loaned were to purchase a mobile home and locate on the land securing the loan. We do not loan on mobile homes but we do loan for mobile homes. That being the case, we will not take a lien interest in the home so insurance will be up to owner- not a requirement. Will the insurance premiums have to be escrowed for along with the property taxes?
Part 2. If an escrow account is now established after settlement but before any payments due from escrow account- should we just go forward from the date the account is established with the original cushion and deal with the shortage & deficiency at annual statement/analysis time or go ahead and have the borrower deposit enough to cover what would have been in the account had the bank began the account at the correct time period?
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